GREENBELT, Md., Nov. 9, 2011 /PRNewswire/ -- The Bozzuto Group, Abdo Development and Pritzker Realty Group will today break ground on a $200 million multiphase development that will transform The Catholic University of America's South Campus into a vibrant, mixed-use community.
A 10:00 a.m. groundbreaking ceremony will be held today at a University parking lot located at the northwest corner of Michigan Avenue Northeast and 7th Street Northeast. Speakers include Tom Bozzuto, chairman and CEO of The Bozzuto Group; Jim Abdo, president and CEO of Abdo Development; Mayor Vincent Gray; D.C. Councilmember Harry Thomas, Jr.; D.C. Council Chairman Kwame Brown; and Catholic University President John Garvey.
"We are thrilled to announce the start of construction at Monroe Street Market and are grateful to the many public and private partners who came together to make possible such truly remarkable project in such a challenging economic climate," said Tom Bozzuto, chairman and CEO, The Bozzuto Group. "We look forward to working with The Catholic University of America and the community as a whole to make the vision a reality."
"This development will transform an area of the City that has not experienced the renaissance seen elsewhere in Washington," said Jim Abdo, president and CEO of Abdo Development. "Monroe Street Market creates a wonderful sense of place that further enhances the Catholic University experience and will benefit the residents of Brookland for generations to come."
"The Catholic University South Campus redevelopment project is a prime example of mixed-use, transit-oriented, urban infill development," said Penny Pritzker, CEO of Chicago-based Pritzker Realty Group. "We very much look forward to working with Catholic University, Abdo and Bozzuto to create a dynamic new community for the Brookland neighborhood."
"Ever since Catholic University embarked on this project in 2006, we have seen enormous potential to improve the quality of life for our students and to enhance the Brookland neighborhood through the development of our south campus," said University President John Garvey. "We assembled the very best team of developers and investors who shared our vision, and we are confident that Monroe Street Market will be top notch, transformative, and will draw visitors from throughout the DC area," he said.
The multi-phase development is located on five city blocks in Washington, D.C., adjacent to the Brookland-CUA Metrorail station and just three miles north of the U.S. Capitol. Financing consists of a construction loan provided by Bank of America, TD Bank, and Fifth Third Bank as well as equity funded by Bozzuto, Abdo and Pritzker.
The community will ultimately consist of a progressive mix of uses: approximately 720 residential units, 45 townhomes, 80,000 square feet of street-level retail, 15,000 square feet of artist studio space, a 3,000 square-foot community arts center, and 850 parking spaces.
Approved plans also include streetscape and hardscape improvements, which will greatly improve walkability, creating a lively, pedestrian-friendly atmosphere and significantly improving traffic patterns and pedestrian crossings along Michigan Avenue and Monroe Street.
The first phase, consisting of 562 residential units, is scheduled for completion in Summer 2013.
Monroe Street Market apartment homes include spacious, open floor plans; nine-foot ceilings and expansive windows; luxury plank flooring; granite countertops, stainless steel appliances, and maple cabinets; designer track, pendant, and recessed lighting; large walk-in and linen closets; full-size, front-load washers and dryers; energy-saving appliances and water-saving fixtures.
Community amenities include pool with outdoor lounge and movie screen; e-cafe; community great room with pool table; fitness center with circuit training and yoga studio; first-floor retail and restaurants; and garage parking.
For more information, visit http://www.bozzuto.com/apartments/communities/261-monroe-street-market.
About The Bozzuto Group
Headquartered in the Washington, D.C. area, The Bozzuto Group is a diversified residential real estate company consisting of six integrated companies – Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management – that together provide a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions.
Throughout The Bozzuto Group's more than 23-year history, the company has developed, acquired and built more than 35,000 homes and apartments, and the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information, please visit http://www.bozzuto.com.
About Abdo Development
Abdo Development is a District of Columbia based development and construction company that specializes in luxury residential and retail development. The firm was founded in 1996 by Jim Abdo, its president and CEO. To date, the company has completed more than thirty development projects and has won numerous awards and national recognition for its responsible approach to development within the urban core. For more information, please visit http://www.abdo.com.
About Pritzker Realty Group
Pritzker Realty Group is an investment vehicle founded by Penny Pritzker. PRG is a value-added investor targeting a broad range of direct equity and debt investments in real estate assets, portfolios, and joint ventures throughout the United States. Since 1991 Pritzker has overseen real estate assets including apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value of $5 billion. For more information, please visit http://www.pritzkerrealty.com.
About The Catholic University of America
The Catholic University of America, located near the heart of Washington, D.C., is unique as the national University of the Catholic Church in America. Founded in 1887 and chartered by Congress, the University opened as a graduate and research institution. Undergraduate programs were introduced in 1904. Today the private and coeducational campus has approximately 6,870 undergraduate and graduate students enrolled in 12 schools of architecture and planning, arts and sciences, canon law, engineering, law, library and information science, music, nursing, philosophy, professional studies, social service, and theology and religious studies.
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SOURCE The Bozzuto Group